Citizens Financial Accountability Oversight Committee (CFAOC)

The Citizens Financial Accountability Oversight Committee (CFAOC) was created as a part of the Stem Cell Research and Cures Initiative (Proposition 71), which California voters passed in November of 2004.

The CFAOC is a six-member board, chaired by the Controller. The committee meets annually to review the financial practices and performance of the California Institute for Regenerative Medicine (CIRM). As a part of its evaluation, CFAOC members review the CIRM’s annual financial audit, the State Controller’s evaluation of that audit, and the financial practices of the Institute.